Article: Crown Resorts: US private equity group Blackstone offers James Packer exit strategy

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Crown Resorts: US private equity group Blackstone offers James Packer exit strategy

Anne Davies, 22 March 2021

Billionaire James Packer has been offered a new exit strategy from Crown Resorts after the company received an unsolicited bid from private equity company Blackstone Group.

Blackstone, which already has a 10% holding in the casino giant, has offered to acquire all of the shares in Crown through a scheme of arrangement.

It is offering $11.85 a share, representing a 19% premium to the volume-weighted average price of Crown shares since the release of its first half results for the financial year 2021. Continue reading “Article: Crown Resorts: US private equity group Blackstone offers James Packer exit strategy”